- Sample Wording for Various Forms of Bequests
1. Bequest for General Purposes
“I give and bequeath the sum of $________ to the Community Foundation of Orange and Sullivan to be used in accordance with the charitable purposes set forth in the Community Foundation’s Certificate of Incorporation.”
2. Bequest for Specific Purpose
“I give and bequeath the sum of $ _______ to the Community Foundation of Orange and Sullivan for (specific charity) in accordance with the charitable purposes set forth in the Community Foundation’s Certificate of Incorporation.”
3. Bequest to Establish a Permanent Unrestricted Endowment Fund
“I give and bequeath the sum of $_______ to the Community Foundation of Orange and Sullivan to establish a permanent endowment fund to be named the “__________________Fund.” Income of this fund is to be used for the general charitable purposes set forth in the Community Foundation’s Certificate of Incorporation.
4. Bequest to Establish a Permanent Endowment for Restricted Fund
“I give and bequeath the sum of $_______ to the Community Foundation of Orange and Sullivan to establish a permanent endowment fund to be named the “________________Fund.” Income of this fund is to be used to support the following charitable purposes: (define the purpose or purposes, ex: establish a scholarship fund, etc.)
5. Bequest to Establish a Permanent Endowment to Support Specific Charities
“I give and bequeath the sum of $______ to the Community Foundation of Orange and Sullivan to establish a permanent endowment fund to be named the “________________Fund.” Income of this fund is to be used to support the following charities: (list charities and amounts or percentages of income to be distributed to each).
When writing a bequest to establish a permanent endowment, also include the following:
“The Community Foundation of Orange and Sullivan shall have all the powers necessary or, in its sole discretion, desirable, to carry out the purposes of the Fund, including but not limited to, the power to retain, invest and reinvest the Fund in any manner as it may see fit, without being subject to any investment restriction, statutory or judicial, which would otherwise be applicable to it as a fiduciary, and the power to commingle the assets of the Fund with those of other funds for investment purposes.”
If the bequest will establish a scholarship:
The wording should state any condition of the scholarship. It should include a specification of the “eligible class” and the criteria to be used in the selections process. (Ideally a deferred fund agreement for the scholarship fund can be signed while the donor is still alive which details the eligibility and criteria for the selections process.)
If the bequest will establish a Donor Advised Fund, please include the following:
“I designate ______________, _____________ and______________ to serve as donor advisors to the “_____________________Fund” with the privilege of making recommendations to the Board of Trustees of the Community Foundation of Orange and Sullivan for distribution from the income of this Fund for charitable purposes. The privilege of making recommendations shall continue for the lifetime of the donor advisors.
